Fomenka

Confirmed double top in SBUX

Short
NASDAQ:SBUX   Starbucks Corporation
SBUX
Cannot help seeing bearish, trend reversal structures everywhere.. now in SBUX
WHY
- nicely formed double top and unlike double top in AAPL this one is formed
- broad market seems to be topping
- very nice divergence in indicators
- bearish engulfing on W

HOW
- short stock with a tight stop
- consider options on a lower timeframes (1H,4H) on the way down

TARGET
- 0.68 Fibo of the previous move up on M supported by 200MA

ENTRY
- immediate on W chart as the rest of the market is about to turn down

🚪 t.me/EnergeiaCharta

🌏 energeiacharta.com

⏱️ Timely updates of WTI, Gasoil, NatGas charts explaining every twist

🗃️ Extensive analysis archives

📏 Chartopedia, with examples of applying ElliottWave to real world charts
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.